Ellah Lakes Plc plans to invest $400 million in capital in the next two years

Ellah Lakes Plc (ELP) has said that it plans to invest $400 million in capital over the next two years to deliver on its Crop Processing Zone strategy within a Special Economic Zone (SEZ).

Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, stated this at the presentation of the company’s Facts Behind the Right Issue in Lagos.

The company recently received approval from the Securities and Exchange Commission (SEC) to raise an additional N2.90 billion in capital via the rights issue.

Special Economic Zone: Mordi noted that ELP is in the process of applying for Special Economic Zone (SEZ) status to cover each of its core operating locations.

According to Mordi, the key benefits and incentives for operating within a Special Economic Zone include:

Mordi noted that Nigeria imports an estimated 340 million liters of ethanol annually, valued at $315 million adding that only 6% of the product is produced locally.

Ellah Lakes Plc had received approval from the Securities and Exchange Commission (SEC) to raise an additional N2.90 billion in capital via the rights issue.

According to the statement signed by OAKE Legal (Company Secretary), Ellah Lakes is proposing a Rights Issue of 1,000,000,000 Ordinary Shares of 50 Kobo each at N2.90 Per Share which brings the total value of the capital to N2.90 billion.